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Singapore Airlines, the world’s second-largest carrier by market value, posted a better-than- estimated quarterly profit. Singapore Air boosted passenger numbers 5.5 percent in the quarter as travel rebounded from the worst recession in more than six decades.
“Business is coming back and the worst is finally over for Singapore Airlines,” said Jay Ryu, a Hong Kong-based analyst at Mirae Asset Securities Co. “Passenger yields are also starting to improve along with the general global economic recovery.”
Profit was also bolstered by a smaller fuel-hedging loss of S$78 million, compared with S$287 million a year earlier, Singapore Air said in the statement. The airline last week announced plans to add more flights to Sydney, Los Angeles and Moscow on rising demand. Cathay Pacific Airways, Hong Kong’s largest, is also flying fuller planes, while Korean Air, the nation’s biggest, has said it may beat its full-year sales goal.
Prospects at airlines are improving following the worst traffic slowdown since World War II last year. Carriers in Asia- Pacific will likely post the biggest profit of any region this year, according to estimates by the International Air Transport Association.
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